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Customer Satisfaction Survey on Insurance Products of ICICI Prudential

Customer Satisfaction Survey on Insurance Products of ICICI Prudential


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Published by Sachin
It is a summer training project done at ICICI Prudential while pursuing BBA !!!
It is a summer training project done at ICICI Prudential while pursuing BBA !!!

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Categories:Types, Research
Published by: Sachin on Apr 02, 2009
Copyright:Attribution Non-commercial


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Beginning operations in December 2000, ICICI Prudential’s success has
been meteoric, becoming the number one private life insurer within months
of launch. Today, it has one of the largest distribution networks amongst
private life insurers in India, with branches in 54 cities. The total number of
policies issued stands at more than 780,000 with a total sum assured in
excess of Rs.160 billion.

ICICI Prudential closed the financial year ended march 31, 2004 with a total
received premium income of Rs. 9.9 billion; up 135% last years total
premium income of Rs.4.20 billion. New business premium income shows a
106% growth at Rs. 7.5 billion, driven mainly by the company’s range of
unique unit-linked policies and pension plans. The company’s retail market
share amongst private companies stood at 36%, making it clear leader in the
segment. To add to its achievements, in the year 2003/04 it was adjudged
Most Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand
Survey’ by ACNeilsen ORG-MARG). It was also conferred the ‘Outlook
Money-Best Life Insurer’ award for the second year running. The company
is also proud to have won Silver at EFFIES 2003 for its ‘Retire from work,
not life’ campaign. Notably, ICICI Prudential was also short-listed to the
final round for its ‘Sindoor campaign in EFFIES 2002.

In Keeping with its belief that a happy customer is the best endorsement,
ICICI Prudential has embraced the ‘SIX SIGMA’ approach to quality, an
exercise that begins and ends with the customer from capturing his voice to
measuring and responding to his experiences. This initiative is currently
helping the company improve processes, turnaround times and customer
satisfaction levels. Another Novel introduction is the ICICI Prudential
Lifestyle Rewards Club, India’s first rewards programme for Life Advisors;
it allows ICICI Prudential Advisors to redeem points for items ranging from
kitchenware to gold, white goods, and even international holidays.



Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-
centric products that meet the needs of customers at every life stage. Its
products can be enhanced with up to 4 riders, to create a customized solution
for each policyholder.

Savings & Wealth Creation Solutions

Save'n'Protect is a traditional endowment savings plan that offers life
protection along with adequate returns.

CashBak is an anticipated endowment policy ideal for meeting milestone
expenses like a child's marriage, expenses for a child's higher education or
purchase of an asset. It is available for terms of 15 and 20 years.

LifeTime Gold is a unit-linked plan that offers customers the flexibility and
control to customize the policy to meet the changing needs at different life
stages. It offers 7 fund options - Preserver, Protector, Balancer, Flexi
Balanced Multiplier, R.I.C.H and Flexi Growth.

LifeStage RP is unit linked plan that provides you with an option of
lifecycle-based portfolio strategy that continuously re-distributes your
money across various asset classes based on your life stage. This will help
you achieve the right Asset Allocation to meet your desired financial goals.

LifeLink Super is a single premium unit linked insurance plan which
combines life insurance cover with the opportunity to stay invested in the
stock market.


Premier Life Gold is a limited premium paying plan specially structured for
long-term wealth creation.

InvestShield Life New is a unit linked plan that provides premium
guarantee on the invested premiums and ensures that the customer receives
only the benefits of fund appreciation without any of the risks of

InvestShield Cashbak is a unit linked plan that provides premium
guarantee on the invested premiums along with flexible liquidity options.

LifeStage Assure a unit linked insurance plan that provide upto 450 % of
first year premium guarantee on maturity, with the additional advantage of a
lifecycle based portfolio strategy that allocates the investor’s money across
various asset classes based on his life stage and risk appetite.

Protection Solutions

LifeGuard is a protection plan, which offers life cover at low cost. It is
available in 3 options - level term assurance, level term assurance with
return of premium & single premium.

HomeAssure is a mortgage reducing term assurance plan designed
specifically to help customers cover their home loans in a simple and cost-
effective manner.

Education Solutions

SmartKid New ULRP provides guaranteed educational benefits to a child
along with life insurance cover for the parent who purchases the policy. The
policy is designed to provide money at important milestones in the child's
life. SmartKid plans are also available in traditional form.

Retirement Solutions

ForeverLife is a traditional retirement product that offers guaranteed returns
for the first 4 years and then declares bonuses annually.


LifeTime Super Pension is a regular premium unit linked pension plan that
helps one accumulate over the long term and offers 5 annuity options (life
annuity, life annuity with return of purchase price, joint life last survivor
annuity with return of purchase price, life annuity guaranteed for 5, 10 and
15 years & for life thereafter, joint life, last survivor annuity without return
of purchase price) at the time of retirement.

LifeStage Pension is a regular premium unit linked pension plan that
provides you with a unique lifecycle-based strategy that continuously re-
distributes your money across various asset classes based on your life stage,
eventually providing you with a customized retirement solution.

LifeLink Super Pension is a single premium unit linked pension plan.

Immediate Annuity is a single premium annuity product that guarantees
income for life at the time of retirement. It offers the benefit of 5 payout

PremierLife Pension is a unique and convenient retirement solution with a
limited premium paying term of three or five years, to suit professionals and
businessmen, especially those who require more flexibility and
customization while planning their finances.

Health Solutions

Health Assure Plus: Health Assure is a regular premium plan which
provides long term cover against 6 critical illnesses by providing
policyholder with financial assistance, irrespective of the actual medical
expenses. Health Assure Plus offers the added advantage of an equivalent
life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit on the
diagnosis as well as at different stages in the treatment of various cancer

Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer
Care and also provides an additional benefit of free periodical cancer


Diabetes Care: Diabetes Care is a unique critical illness product specially
developed for individuals with Type 2 diabetes and pre-diabetes. It makes
payments on diagnosis on any of 6 diabetes related critical illnesses, and
also offers a coordinated care approach to managing the condition. Diabetes
Care Plus also offers life cover.

Diabetes Care Plus: is a unique insurance policy that provides an additional
benefit of life cover for Type 2 diabetics and pre-diabetics

Hospital Care: is a fixed benefit plan covering various stages of treatment -
hospitalisation, ICU, procedures & recuperating allowance. It covers a range
of medical conditions (900 surgeries) and has a long term guaranteed
coverage upto 20 years.

Crisis Cover : is a 360-degree product that will provide long-term coverage
against 35 critical illnesses, total and permanent disability, and death.

MediAssure is a health insurance policy that provides assured insurability
till age 75 years, assured coverage for accepted pre-existing illnesses after 2
years and an assured price for 3 years.

Group Insurance Solutions

ICICI Prudential Life also offers Group Insurance Solutions for companies
seeking to enhance benefits to their employees.

Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps
employers fund their statutory gratuity obligation in a scientific manner and
also avail of tax benefits as applicable to approved gratuity funds.

Group Superannuation Plan: ICICI Prudential Life offers a flexible
market linked scheme that provides substantial benefits to both employers
and employees. Both defined contribution (DC) and defined benefit (DB)
schemes are offered to optimise returns for members of the trust and
rationalise cost. Members have the option of choosing from various annuity
options or opting for a partial commutation of the annuity at the time of

Group Immediate Annuities: ICICI Prudential Life realises the
importance of prudent retirement planning. With this in mind, we have


developed a suite of annuity products that not only give you an income for
life but also provide you options to match your needs. In addition to the
annuities offered to existing superannuation customers, we offer immediate
annuities to superannuation funds not managed by us.

Group Term Plan: ICICI Prudential Life's flexible group term solution
helps provide an affordable cover to members of a group. The cover could
be uniform or based on designation/rank or a multiple of salary. The benefit
under the policy is paid to the beneficiary nominated by the member on
his/her death.

Flexible Rider Options

ICICI Prudential Life offers flexible riders, which can be added to the basic
policy at a marginal cost, depending on the specific needs of the customer.

Accident & disability benefit: If death occurs as the result of an accident
during the term of the policy, the beneficiary receives an additional amount
equal to the rider sum assured under the policy. If an accident results in total
and permanent disability, 10% of rider sum assured will be paid each year,
from the end of the 1st year after the disability date for the remainder of the
base policy term or 10 years, whichever is lesser. If the death occurs while
travelling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.

Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
medical expenses prior to death.

Waiver of Premium: In case of total and permanent disability due to an
accident, the future premiums continue to be paid by the company till the
time of maturity. This rider is available with SmartKid, LifeTime Plus,
LifeTime Super and LifeTime Super Pension.

Income benefit rider: In case of death of the life assured during the term of
the policy, 10% of the sum assured is paid annually to the nominee on each
policy anniversary till the maturity of the rider.


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